The bill establishes a Red Tape Review Task Force within the Department of the Treasury, aimed at improving New Jersey's regulatory process by eliminating burdensome red tape and promoting job creation, economic growth, and investment. The task force will consist of nine members, including the Lieutenant Governor as chair, various state commissioners, and legislative leaders, all serving without compensation. Additionally, the Lieutenant Governor has the discretion to appoint extra members to ensure representation from non-profit organizations, businesses, workers, and local governments. The task force is required to meet at least once every six months and will expire upon submitting its report.

The task force's responsibilities include reviewing state regulations to identify and eliminate unnecessary requirements, soliciting public input, and providing a written report to the Governor and Legislature within three years of the bill's effective date. The report will include findings and recommendations but will not confer any legal rights or serve as a basis for legal challenges against state agencies. Each state department is mandated to cooperate with the task force by providing necessary information and assistance.